You will want to be very cautious about adding another person to your accounts. If you add another party, whether it is family or close friend, you are giving that person an ownership interest in that account. That exposes those funds to their creditors, divorce complications, and possible bankruptcy. Depending on the size of the accounts, it could also create gift tax reporting issues. At your death, the account would pass directly to the joint owner, bypassing your will or trust, and to the exclusion of other children or intended beneficiaries. Relying on that party to disperse those funds to your intended beneficiaries may create gift tax reporting issues for them as well. There are other tools to use to grant people the authority to assist you with your finances that do not cause similar complications.

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